Steps to Receive and Manage Financial Aid and Scholarships Office - PowerPoint PPT Presentation

Steps to Receive and Manage Financial Aid and Scholarships Office of Student Financial Assistance Powercat Financial Counseling Cal Boren Jodi Kaus Assistant Director for OSFA Director for PFC 785-532-6420 785-532-2889 finaid@ksu.edu powercatfinancial@ksu.edu

Welcome to the K-State Family! K-State Orientation Expo Noon to 4:00 P.M. Ground Floor of the Student Union Presentation Link k-state.edu/sfa/orientation.html

Collaboration is Key Office of Student Financial Assistance K- State’s student service office that administers scholarships, grants, work study, and student loans. Goal: To leverage all available financial resources so that students may realize the successful completion of their chosen program of study. Powercat Financial Counseling K- State’s financial education center providing FREE student-to- student help with: Budgeting, Student Loan Planning & Repayment, Understanding Credit, Saving, Transitioning into Work Financially

Free Application for Federal Student Aid (FAFSA) • Complete and submit your FAFSA fafsa.gov • Utilize the IRS Data Retrieval Tool to transfer Federal tax return information into the FAFSA. – Instructions are available on the SFA website.

Designated Access • Allows students to grant parents or others permission to access their student records. • Students can give parents or others the ability to: – Pay Bills – View Tax Information – View Financial Aid

Check your To-Do List in KSIS • Each student has a To Do List in their KSIS Student Center. • This area serves as a communication between the OSFA and your student.

Final Official Transcript • Every incoming freshman student must submit an official high school transcript with graduation date (or transfer college transcript) to the Office of Admissions Office of Admissions Kansas State University 119 Anderson Hall 919 Mid-Campus Drive North Manhattan, KS 66506-0102

Final Official Transcript • If transfer students will not receive an Associate’s degree or did not complete 6 college credits before 07/01/2012, they must submit a final official high school transcript with graduation date . Office of Admissions Kansas State University 119 Anderson Hall 919 Mid-Campus Drive North Manhattan, KS 66506-0102

Types of Financial Aid Gift Aid Self-Help Aid Scholarships Grants Loans Work-Study 9

Scholarships • Scholarships awarded by K-State are automatically applied to the student bill. Commonly split between the fall and spring semesters. • Scholarships received from a source other than Kansas State University should be reported using our private scholarships form. • If private scholarships will be received after the K-State bill due date, inform the OSFA.

Grants • Grants are typically awarded on the basis of need and generally do not have to be repaid. • The most common federal student grant is the Federal Pell Grant. • Other grants include: – Federal Supplemental Educational Opportunity Grants (FSEOG) – Teacher Education Assistance for College and Higher Education Grant (TEACH) – Iraq and Afghanistan Service Grants

Loans • Direct Stafford Loans – Subsidized : need-based, interest covered by the federal government while enrolled at least half-time – Unsubsidized : interest accrues after the first disbursement. • Split when applied to the student account – half in the fall and half in the spring • Both loans do not enter repayment until 6 months after dropping below half-time status. • Interest rate for 2016-17 - 3.76%

PLUS Loans • Parent PLUS Loans – A loan for parents or step-parents of dependent undergraduate students. – A parent (on the FASFA or biological) must apply for the PLUS loan through the application available on the OSFA website. • Once a PLUS loan is submitted, a credit evaluation is performed. • If a PLUS loan is denied, student can request an additional unsubsidized Stafford loan: – $4,000 for Freshmen & Sophomore – $5,000 for Junior & Senior • Interest rate for 2016-17 - 6.31%

PLUS Loans • If parent applicant passes the credit evaluation, they must complete a master promissory note. • Repayment begins once the loan is fully disbursed (Typically, 60 days after the spring term disbursement). • Contact your loan servicer to request a deferment.

Work-Study • Students can earn Federal Work-Study (FWS) financial assistance through part-time employment at K-State. • Students must have accepted a FWS award in KSIS and have been offered and accepted a FWS funded position of employment. • Available FWS positions can be found by creating a personal Career Center account.

Award Notification Letter • Students receive their financial aid award notifications by letter when first entering K-State. • Notification will then be sent via their K-State email throughout the remainder of their academic career.

Accept Financial Aid in KSIS • Grants, Loans and Federal Work-Study • All students are offered Federal Direct loans and Parent PLUS loans. • Students must accept offered financial aid in KSIS. – Students are not required to accept the full amount of aid offered.

Borrow Only What Is Needed • Create a semester budget & stick to it – Use budget form at ksu.edu/pfc/budgeting • Take scholarships, grants, work-study first • If you must borrow: take only what is needed starting first with subsidized loans • If must borrow unsubsidized loans: pay interest along the way to avoid capitalization

Have Student Budget for Completion

Can Student Afford Final Loan Payments? Total Loans Assume Standard Percent of Monthly Total Amount Paid Borrowed Monthly Payment Gross Income Including Interest over 10 Years at Assuming $35,000 Costs Over Life of 4.3% Interest Annual Income the Loans Upon Graduation $20,000 $205 monthly 7.0% $24,642 $25,000 $257 monthly 8.8% $30,803 $35,000 $359 monthly 12.3% $43,124 $45,000 $462 monthly 15.8% $55,446 *Note: these are assumptions are for illustration purposes only and actual interest rates, loan balances and income will vary for each student borrower.

Complete your Loan Entrance Counseling and Master Promissory Note (MPN) • Ensures that borrowers understand the responsibilities and obligations you are assuming through the borrowing process. • First-time borrowers of Federal Direct Subsidized/Unsubsidized loans must complete entrance counseling

Keep Track of Total Loan Balances • View all loans in KSIS Student Information System – Go to Student Center > View Financial Aid > Aid Year > My Financial Aid Details – Loan History Tab • Or use Federal Student Aid Repayment Estimator – at studentaid.gov

View Your K-State Bill • Your student may view their K- State bill in mid-July( scheduled for July 15 th ), in the Student Center, in KSIS • Anticipated financial aid that is ready to be applied to the student’s K-State account will appear on the bill. – If financial aid does not appear on the bill, then additional steps may need to be taken in order to receive financial aid. (Check Student Center in KSIS)

Tips on your K-State Bill • Have all To Do List items in KSIS completed by early July. • Waitlisted courses will not be assessed on the original K-State bill. – If a refund is issued and waitlisted courses are added, additional charges will appear on the following K-State bill. • Optional enrollment in the Tuition Installment Payment Plan (TIPP) can be completed in KSIS.

K-State Bill Due Date Anticipated financial aid (scholarships, grants, work-study, and loans) will be applied to your students ’ K -State bill 10 days before the fall term payment is due, or August 12th. Payment of your K-State bill is due Monday, August 22 nd (first day of fall term)

Remaining Financial Aid • Any remaining financial aid that is present on the your students’ account will be issued as refund. • Refunds may be delivered two ways: – Direct Deposit – If requested through KSIS by the Monday prior to the first day of the term, funds will be scheduled for deposit the following Friday. – Paper Check – Available for pickup in Anderson Hall on the first day of the term. • Checks not picked up during the first week of the term will be mailed to the local address the following Friday.

Purpose of Financial Aid Refund • Purchase books and supplies • Housing expenses or rent • Groceries and personal expenses • Travel expenses Student are encouraged to meet with Powercat Financial Counseling to receive assistance creating a spending plan incorporating their financial aid refund.

Federal Verification • If selected to complete the federal verification process, the OSFA will inform students of the necessary documentation required. – Required documentation will also be listed in the student's To-Do list within the Student Center in KSIS. • Students cannot receive federal or state financial aid until the federal verification process is complete.